Good afternoon, everybody. This is Marja Mäkinen from DNA's Investor Relations, and I would like to welcome you all to this conference call regarding DNA's January-June 2019 results. With me here are DNA's CEO, Jukka Leinonen; and CFO, Timo Karppinen. As earlier, Jukka and Timo will go through the results presentation and you can follow the presentation through the online audiocast and the presentation is also available on our Investors website.

Just to remind you, we will be making forward-looking statements during the presentation and we have a disclaimer on the second page of the presentation set for that. Please note that you can also ask questions through the audiocast page, and you can send your questions all the way during the presentation. We will then take those after the presentation on the Q&A session, once we take all the questions also from the telephone lines.

Okay. Thank you, Marja. So this is Jukka Leinonen. Also -- good afternoon also from my behalf. So I'm going to go through the business review in terms of the highlights of the second quarter, also the operational KPIs and outlook into our strategic targets and how we are performing. Timo will then continue with a more detailed financial review.

When we are looking about the business generally, I think that maybe 2 things to highlight is a very good growth in revenues and especially the mobile service revenue growth. So net sales was increasing totally at 3.1% in second quarter. It was basically fueled by the mobile device sales, which was increasing more than 13% and mobile service revenue growth which was 8.1%. Growth in mobile service revenue was really coming from 3 main sources: We had an increase in subscription base. We also had a very nice revenue development in mobile broadband services and also the prepaid and postpaid average billing per user was increasing nicely and all this amounted to this fairly significant mobile service revenue growth of 8.1%.

Also, EBITDA was increasing nicely 7.2% from the previous year. 80% of this growth was coming from the IFRS 16 changes in our bookkeeping but there was also increase in organic EBITDA coming mainly from the increase in service revenues.

When we are looking about the operating results, that was more or less on the same level than last year relating really to the slight increase in our depreciation.

When we look about the most important operational KPIs, first of all, the average revenue per user was increasing EUR 0.2 per subscription. However, it's important to remember that last December, we had the decrease in interconnection rates, so the average billing per user increase was bigger than this EUR 0.2 per subscription.

Especially happy we are about the low CHURN level. So the CHURN was only at the level of 13.7% in second quarter, which is reflecting the good customer satisfaction and our ability to respond swiftly into the competitive activities.

Mobile subscription base as such was decreasing 20,000 subscribers on year-to-year but here we must note that this was due to the fact that we had a significant decrease in prepaid, 86,000, but the postpaid which, of course, is the most important in terms of the mobile service revenue generation, was increasing 65,000 subscribers per year. The decrease in prepaid was mainly due to the fact that we have been concentrating into creating more value for our existing customers and we have been not making very aggressive campaigns on new sales.

When we look about the subscription development on the fixed side, that was especially strong. Totally fixed subscriptions were increasing 90% -- 90,000, but when we look about the most important fixed broadband and cable TV subscribers, that was up 99,000 subscribers from last year. Of course, we have here the effect from Elmo ICT acquisition we made in June, which was amounting about slightly more than half of the growth, but we are also very happy with the significant growth of 30,000 subscribers organically in fixed broadband and also, almost 20,000 -- 25,000 subscribers on the cable TV organically. So all in all, we are pretty happy with the revenue development -- mobile service revenue development and also the development of the subscriber numbers.

When we are looking about the longer-term trends, we can see that the revenue has been steadily growing and it continues its steady rate. Also, when we look about the EBITDA development, the same rate is continuing and our kind of total amount of EBITDA is increasing. Operative CapEx was slightly down from last year. This basically has nothing special to do, and we are actually seeing that the total amount of CapEx on a full year basis will be at about the same level, maybe a couple of millions up from the last year's figures. As a result of increasing EBITDA and slightly lower CapEx compared to the last year, operative free cash flow was increasing nicely compared to the reference period.

If you look about the first half year as a whole, pretty much the same story. Overall, sales growth 3%; EBITDA growth, 7.4%; operative free cash flow growth, 15.3%. Net debt-to-EBITDA was close to 2 and here we have to remember that the IFRS 16 impact is about 0.25, adding to the net debt per EBITDA ratio. All in all, as said, mobile subscribers, down 20,000, but importantly, 65,000 new subscribers in postpaid. Mobile service revenue growth on half year basis, 6.7%, very nice figure, which is very satisfactory. Mobile CHURN on a half year basis, 15.5%, which basically is at the level of the, let's say, more or less normal level we have been seeing in the previous years 2016, '17. And fixed broadband cable TV subscribers, up 99,000, as explained earlier. So all in all, very strong development for the first half year.

If we are looking about the subscriptions in more detail, as said, the net development of the mobile subscribers in this quarter was negative but also the postpaid subscribers were up on second quarter compared to the first quarter. So all in all, I think that we are pretty happy with the development, especially when we remember that the prepaid revenue is increasing and prepaid ARPU is increasing despite the fact that there is a decline in the subscriber numbers.

When we look about the fixed voice steadily going down, 20% decrease from the reference period last year. This will continue, and we are seeing the fixed voice business fading away in next few years. Fixed broadband base, up significant 60,000 subscribers. Half of that came from the organic growth and the other half came from the Elmo ICT acquisition. And cable TV, up 39,000 subscribers, 25,000 coming from the Elmo ICT acquisition and rest from the organic growth. So all in all, a strong development and we are very happy with the performance on that area.

Mobile data usage still increases, but we can clearly see that the growth in relative terms is not anymore so large. So the mobile data traffic was increasing 19% from the last year. The average data usage per subscriber went up to the 23.5 gigabytes per second. This is mainly fueled by the increasing amount of 4G subscribers and increasing usage because of that. So we are expecting that the amount of data transmitted in our network will continue to increase, but the relative rate will be coming down in the coming quarters.

When we look about the CHURN, as explained earlier, the second quarter CHURN was at very low level, 13.7%. And I think that this is really explained by the great customer satisfaction but also our ability to respond to the campaigns and activities by the competitors. So this is one of the lowest CHURN we have been seeing on a quarterly basis for a long time. 4G subscribers are still increasing. So currently, 64% of our subscriber base is on 4G. So we can clearly see that the rate of increase is steadying down but there's still a lot of potential on that area. ARPU, up EUR 0.2 per subscription. And as I said earlier, the average billing per user increase was even bigger due to the fact that there was a decrease in interconnection revenues and rate in last December.

If I highlight a few things from the second quarter, maybe the most important was the ICT Elmo acquisition. So we basically acquired the ICT Elmo consumer business which was basically bringing us 30,000 fixed broadband subscribers and 25,000 cable TV subscribers. But maybe the most important element, which was basically kind of constituting to the deal was the fact that we -- basically we are able to acquire very significant fiber network in the Pirkanmaa area, which basically covers, not only the Tampere but also the other communities outside Tampere area. There are more than 400,000 people living within the footprint of this network. So this will basically mean that in the future, we have a good ability to offer the 5G in Pirkanmaa area. Also, we are going to be significantly stronger in the future to offer both mobile and fixed services for the corporate customers and consumer customers in Tampere and Pirkanmaa area.

We have been consistently increasing investments into our mobile network since we see that network quality is one of the most important elements when customers are considering the offering from different operators. Omnitele was making a network speed survey and we found out that within the 20 largest cities in Finland, including the main highways between those cities and including some of the most important vacation destinations, DNA network had the fastest download speeds on 4G. This demonstrates our ability to basically have a very nice and high level of quality in our 4G network and it basically shows our commitment to continue the investment into the network to maintain the high quality for our customers.

Sustainability and responsibility for the society is becoming more and more important element in corporate lives and we were very happy to learn that according to the Sustainable Brand Index study, DNA was selected in Finland as the most responsible company among telecom operators. So this is a good basis to continue to work, also to serve our society as a responsible operator in the Finnish marketplace.

5G is coming faster. We have been continuing to prepare investments into our both basic backbone network and other elements in our network in order to prepare for the 5G. We have been opening in the early part of this year the 5G network in Helsinki. Currently, in Pori, where we are the main sponsor for the SuomiAreena, we have been building the 5G network in the Pori area and this will continue so that we will increase the coverage in 5G in the main cities starting the second half of this year.

Terminal availability is an issue still. There are some launches done also in the Finnish marketplace, but the availability of the devices in volumes and especially the availability of the mid-price range devices is not there yet. So we clearly see that the 5G business will start in the second quarter mainly on the fourth quarter of this year, but we are seeing that the most significant impact into the business and business figures upselling will start to happen in the spring of 2020 forward. But all in all, we see 5G as a very interesting opportunity for all operators, including DNA, to offer better services, more high-value services for our customers both in the Consumer Business segment and Corporate Business segment.

When we look about what we have been achieving in the first half of this year relating to our 4 targets at the company level: the most satisfied customers, being an excellent employer, being able to develop financial performance of the company faster than the market generally and growing faster than the market. I think that we can say that we have been achieving very good results on all these 4 areas, and we are very happy for the first half of this year. And this gives us a good basis for the continued work for the second half of this year.

When we look about the market outlook for 2019 second half, we clearly see that the Finnish economy is still growing but the growth has passed the fastest period. So it will be coming down slightly, but there will be still growth. Telecom business has been mainly growing due to the growth in mobile service revenues during the last few years. This growth will continue, but we clearly are seeing that the growth will be coming down compared to the last couple of years. There are still the potential for the growth of 4G penetration, which gives room for the growth. And then, of course, we are starting to see that when the 5G will be picking up, it will be having the impact for the upselling and growth of mobile service revenue. It will start at the end of this year, but the main impact will be starting from the spring 2020.

Traditional services on mobile network, SMS, traditional voice declining, pay-TV declining, but we clearly see that the usage of the different type of streaming and online on-demand video services is still increasing and especially the quality of the video feeds is increasing. And that will be basically leading to the increase in demand for the higher-speed mobile broadband services and ultra-high-speed fixed broadband services. On business side, we clearly see that there are huge opportunities on the industrial Internet solution even though it has not been yet a great growth. Also, we are clearly seeing that since the importance of networking is everywhere, the data security is becoming more and more important element, and we see growth potential in the different type of services related to the data security.

When we look about the broadband development, we clearly see that in the future, there are significant amount of Finnish households which are needing upgrade into the ultra-high-speed fixed broadband services away from the DSL or from the [best-ever] 4G. These services will be offered increasingly both via the FTTH deployments but especially we believe that the 5G fixed wireless access services are very interesting solution for many homes where the cost of fiber is too high. So a lot of interesting potential ahead of us in terms of growing the business in the future.

So now we basically go into the financial review and Timo will go through the performance in more detail.

Thank you, Jukka, and good afternoon from my part. So let's start and we are now in Slide 16, and go through the key financials over here.

So the first half continued as -- again, as a strong start of the year and we had then a positive development in all the key financials, especially on the sales development, EBITDA margin and in the free cash flow development. So the net sales growth was this 3.1% for the quarter and 3% for the half, and I'll go through the details of those in the next slide. EBITDA itself, the growth was this 7.2% in Q2, and more than 7 point -- more than 7%, 7.4% in the whole half. So this -- a majority part of the EBITDA growth is coming from the IFRS 16, positive impact and then also through the organic growth. And the IFRS 16 kind of share of this growth both in Q2 and also in the first half is around 80% and rest is through the organic growth itself. The organic growth is coming mainly from the mobile service revenue growth but also through the other service revenue kind of development.

We had a somewhat upfront-ed cost in the first half especially around marketing cost, which were sort of normally -- higher than what we would normally have, which then impacted somewhat on the organic growth or limited that one. But we'll see this kind of the cost levels to stabilize and normalize during the second half.

The operating itself was about the same level both in Q2 and in the first half. And here, the IFRS 16 impact sort of is neutralized, and then we saw some depreciation cost being higher than it was a year ago, which then resulted in this kind of -- especially for the first half, on a somewhat lower than -- level than what we had a year ago. Net result was around, again, around same level as a year ago in Q2 and especially on the first half. And here, if you compare net result to operating result, the kind of better result in net result is coming from the fact that our financing cost had been lower in this year than it was a year ago.

Operative CapEx were lower by more than 20% in Q2; somewhat -- something around 9% in the first half. And this is really only because of the timing of the CapEx. The majority of our CapEx spending will happen in the second half and those spending will be more towards kind of preparation of investment for the 5G and also for the 4G kind of capacity increases into our network. The operative CapEx level overall for this year will be around the same as it was a year ago, and within our target of around being below 50% of the sales.

Operating free cash flow was extremely good, growing more -- close to 30% in Q2 and more than 15% in the first half. And here, really the reasoning for this is naturally coming from the growth in EBITDA itself and then lower-than-normal of CapEx spending for both the quarter and the half.

Our net debt levels have been increasing and we have then higher net debt levels than we had a year ago and net debt-to-EBITDA for the quarter was this 1.95 and for the half, 1.97. And here, typically the Q2 is the time when we are paying the dividends, so that's an anomaly and the debt levels are higher through that. But why this net debt-to-EBITDA was higher than year ago is coming from the fact that we -- on top of the dividends, we did purchase this ICT Elmo and that acquisition cost is now seen here. And also, the fact that this IFRS 16 itself will increase the net debt-to-EBITDA ratio by 0.25.

If we then move onto Slide 12 and go through the sales details or the split of those. We can say that this Q2 again was then a continuation of the strong development on all those sales areas which are contributing to our margin; and here especially on the mobile service revenue. The mobile service revenue itself, growth was this 8.1%, further accelerating from the levels that we had in Q1, which was 5.5%. And the main reason here is the fact that we have had a very good momentum in upselling within the 4G and also we see now the impact of the price increases that we have done into our base and also the fact that the 4G migration continues. Our 4G -- kind of level of the 4G customers in the consumer base is now 65%, which is roughly about 8% improvement from the year ago levels. So all of these factors are resulting to the fact that our average billing per customer has now been growing very strongly in the whole of the first half. And on top of that, we have got an increase of our postpaid subscriber base which then are further improving the mobile service revenue growth.

The ARPU got stronger in the second half -- second quarter, and the ARPU improvement was this EUR 0.20 from EUR 18.4 to EUR 18.6, and this is happening despite the fact that the roaming prices were reduced in -- sorry, interconnection prices were reduced in end of last year and also the fact that now our numbers are inclusive of the Moi customers, which have a reduction impact to the ARPU. But as said, we had a strong growth in average billing per customer.

Mobile equipment sales, again, strong and the growth there was 13.3%. And this is, again, a very strong growth even on the fact that Q2 last year, we had also strong sales in mobile equipment. And here, really the reasoning for this is that we had an extremely good ability to bring our customers into our own sales channels and here we have an opportunity to further sell the subscriptions and then upselling to more valuable packages. Then the interconnection or roaming revenues reduced by this close to 15% and the main reason here is due to the fact that these interconnection rates were reduced by 30% in Q4 last year.

In fixed voice side, the revenue decline was around EUR 1 million, which was basically nonmaterial and this is a trend that has continued through the first half and will continue for the rest of the year. Fixed nonvoice revenues were down by 5.4%. Actually, the main reduction here is all coming from these pay-TV declines, which is basically declining at the same speed as the whole market is declining. But the underlying other big element is the fixed broadband services and equipment sales has been developing positively.

If you then look into the -- how the different businesses develop, so we're now in Page 18. So starting from the Consumer Business. Here, the net sales improvement was 4.9% coming from the strong mobile service revenue and through the mobile device sales. The ARPU here was steady, about the same level -- a little bit lower than it was a year ago. But like said earlier, the underlying factor is that the average kind of billing per customer has been increasing and growing here. And the declining factors here are the interconnection rates and also the Moi inclusive -- Moi, being inclusive of the consumer ARPU during first half this year. EBITDA improved by 6.2% and the key reason here is the IFRS 16 and then the increase in the mobile service revenues.

On the corporate side, we see now good -- encouraging momentum building up. The net sales which organically was growing, but we had a decrease there which is by this 2.2%, which is coming from the fact that this Moi Mobiili customers and revenues have been moved from corporate to consumer side and the fact that these interconnection revenues has been declining. Corporate customer ARPU growth was more than 12%. But here, we need to remember that in Q2 last year, we had a situation where some big customers were moving and it's had then a temporarily negative impact on the ARPU. But if you look on how the ARPU itself has been developing, so there's been growing ARPU from Q1 to Q2, and also need to remember that this is also impacted by the interconnection reduction impact. Corporate Business ARPU was strong; growth, more than 10% on this quarter. And here is the same thing, IFRS 16 impact had a majority part of that but there was also a strong growth organically which came through the mobile service revenues.

Then moving onto Slide 19 and looking into the operative CapEx. So like said earlier, Q2 was an exceptionally low quarter. So CapEx spending was 20% less than it was a year ago and this is, like said, typically for this quarter and only related into the issues of timing and like said, we are -- most of the CapEx spending will happen on the second half of the year and reiterating the fact that we see the operative CapEx total levels being this year around the same as it was a year ago.

Then move onto the Page 20 and looking into the cash flow development. So with the help of the strong EBITDA growth and lower-than-usual operative CapEx, the operating free cash flow was extremely strong, EUR 112 million, representing this 24.3% of sales. Cash conversion level, very high, close to 73%. And all coming from this is the fact that these underlying numbers were -- through EBITDA and CapEx, we're giving those results. Free cash flow to equity of EUR 47 million was good. And here, we see growth coming from the last year same period of more than EUR 20 million. And actually, that number growth by EUR 30 million starting from the Q1 levels. And here, the issues are that they are -- which is impacting is the high trade payables that are there at the end of the year because of the high CapEx spending, but those were basically utilized or normalized during the Q2 and giving this strong free cash flow to equity result.

Then move onto Page 21 and how the capital structure looks like. So starting from the kind of average cost of debt has been continuing to decrease. Now we are at the level of close to 1%, big reduction from the levels that we had a year ago of 1.5%. Debt levels, as explained earlier, increasing and net debt-to-EBITDA ratio increasing to what we have had beginning of the year or a year ago and the key reason here is the payment of the dividends and the acquisition of the ICT Elmo and then the IFRS 16 impact which was explained earlier. This net debt-to-EBITDA levels for the remaining of the year will continue to reduce from these levels as we go forward.

Page 22 is just giving you the summary of the Telenor situation. So basically, what's happening lately is that the European Commission approved this transaction on this week, 15th of July, and the next level of approval will be through the Finnish regulatory approvals that are expected to happen at early August. And then the whole completion of the deal is expected to happen then sometime mid-August. The mandatory public tender will start after the completion of the deal and expected to start somewhere probably end of August or sometime in September.

And finally, just the highlight of these financial objectives. We can now confirm that the financial guidance for this year remains unchanged. Here, we are saying that the net sales are expected to remain at the same level, EBITDA expected to increase substantially and here, the main impact is coming from the IFRS 16. But underlying the organic growth in EBITDA would have been, in our terminology, some way of somewhat growth. So meaning that there will be decent organic growth in EBITDA level as well. In terms of the midterm financial targets, we are -- again, Q2 is showing that we are basically developing well towards all of these targets that we have for the midterm. And then finally, just confirming that this -- in Q2, we paid the dividends for the last year results, which was this EUR 1.1, representing the 6.3% payout ratio.

Here. Thank you from my part and now we will move into questions if there are any.

Abhilash from Berenberg. I've got one on CapEx please, if I may. Just wondering, with the 5G opportunities that you sort of outlined, do you think there's scope to potentially raise or accelerate CapEx to better capitalize on those opportunities? I think you had a period of higher CapEx with 4G about 3 or 4 years ago when you're spending close to EUR 145 million, EUR 150 million a year which was nearly 17%, 18% CapEx to sales at the time. Do you think there's a case to do something similar with 5G now, especially given your sort of top line growth is clearly strong, return on capital is high, so is there a case to raise CapEx?

Okay. Thank you. This is Jukka. We are basically still having the RFP discussions going on with the different vendors regarding the 5G kind of investments. We have not kind of made any final decisions about kind of the timing of the investments. What we can confirm is that when we look about the, let's say, overall CapEx spending over the kind of 5G, let's say, whole investment period, I think that we can confirm that we can do it within our guidance of under 15%. And the question that what will be the kind of exact strategy to build the network and whether this means that in some years, we are above 15% and some other years, we are under, we have not made any decisions on that one. But I think that the important element, what we see clearly today, is that the overall investment we can do within the current CapEx guidance.

This is Artem from SEB. A couple of questions from my side. So firstly, starting with the fact that you mentioned about some excess costs related to marketing during first half of this year, which shouldn't be repeated. So what is the magnitude basically impacting your profitability in the first half? Then going to working capital, it has been quite negative during first half of the year. What is the guidance for basically full year? So should we expect close to 0 net impact on cash flow? And lastly, on divestment of terrestrial pay-TV business to Digita, could you maybe talk about what is the revenue impact and also profitability impact from that deal?

Yes. Concerning the excess cost related to the first half sales and marketing cost, it was basically kind of mainly marketing cost, which we are expecting that it will basically even up on the second half of the year. When we talk about the, let's say, the quantities, we can basically talk about, let's say, a few millions in terms of the total kind of cost level, which was above our kind of expectation or original plan. So that's basically the level. Concerning the Digita, of course, when we look about the deal itself, we are still in a situation that we're expecting the approval from the competition authorities. So we don't want to basically kind of state out at this moment since we don't know yet certainly what will happen that what is the level. But what we can confirm is that it will be having, from the profitability perspective, a positive impact into our 2020 figures if and when we get the deal gone. Timo will basically take the working capital question.

Yes. Relating to the working capital, so basically this is quite a normal trend to us that we have a high CapEx spending in the second half, typically, and especially accumulating into Q4 like it happened last year. So we start the year typically with a high level of trade payables. And the way the kind of year develops is that in Q1, we have a net working capital kind of reduction. And like we see here in the numbers in Q2, those are consumed mostly during Q1 and then we start normalizing the development like we did in Q2. And what it basically means is that you're right, in the second half, things will normalize further and then we will be seeing the development in the free cash flow to equity numbers about the same levels as what the free cash flow itself is.

Just a comment on the service revenue trends which, as you said, were very strong in the second half and clearly accelerated from Q1. I suspect it may even have slightly above what your own expectations have been for the coming quarters. Would you give us any indications? And do you think you can continue at this level for the remainder of the year or perhaps somewhere between Q1 and Q2?

Okay. Thank you. Yes, I think that the mobile service revenue growth was very strong in Q2. It was slightly even [expecting] our own expectations. When you look about the first half year, we are talking about the growth of 6.7% in mobile service revenue growth. When we are looking for the second quarter, we of course have to remember that we have the tougher comparison quarters ahead of us, so I think that I only want to confirm what we have basically said earlier that for the full year basis, we are expecting a, let's say, mid-single-digit growth in mobile service revenue. Maybe it is, let's say, somewhere between 5% to 6% if you were to think about what we are expecting at the moment.

We have here one question from the online audience. Fixed nonvoice revenues slowed in the quarter despite the ICT Elmo acquisition. Could you help us understand what happened here and whether this is likely to be sustained through the coming quarters? Could you give us any color on the growth of average billing? Has this accelerated compared to Q2?

Well, first of all, I think that the ICT Elmo impact into the second quarter was very limited because the acquisition was made so late of the quarter. The decline in the nonvoice revenues was coming almost totally from the decline in the pay-TV revenues. And as we discussed earlier, we just announced the deal with the kind of Internet television pay-TV, which has been the -- let's say the largest source of the decline will be sold to Digita. Of course, this deal, if agreed by the competition authorities, will take place starting 1st of January 2020. So we will have this business through the remainder of the year. Our expectation is that it will continue to decline but maybe at the lower decline rate than what we have seen in the early part of the year. Also, we clearly are seeing that we're expecting a, let's say, a small growth in fixed broadband on consumer and we are expecting flat development on the corporate fixed services. So I would say that we can expect potentially slightly lower decline in the third and fourth quarter in the fixed nonvoice.

I just wanted to go back to the question of working capital and free cash flow. It was actually not clear to me the answer to the previous working capital question. So can I just clarify that one firstly? So did you say that working capital is going to be flat for the whole year, or is it going to be flat just for the second half? And given that we've had negative in the first half therefore the full year will be negative? So is it flat second half or is it flat full year? So just starting with that clarification first, please.

Roman, yes, sorry if you've misunderstood. So no, what we are saying is that kind of this impact that we get from these trade payables are consumed in Q1 and somewhat also in Q2. So that's why the Q2 growth development was quite strong, more than EUR 30 million improvement in free cash flow to equity itself. But what we are saying, in the second half, these are not sort of impacting anymore. So we will see in the second half the normal sort of development here. And I don't know what you mean by flat, but...

Well, if you look on this free cash flow to equity level itself, we have been saying early on that we will see be reaching somewhere on this -- close to 2017 levels. So clearly higher than what we had in 2018. So...

Okay. And then that was really the heart of my question because so far, if you look at equity free cash flow and working capital trends for 2019, indeed, we've been somewhat better than in year-on-year comparison versus 2018. But it still does not feel like it's at a normalized level of performance which is close to 2017. But you're still confident that the plan is -- and that we will get to 2017 equity free cash flow levels?

Yes. Yes, we are. So we are moving towards that direction. And then, yes, so the key driver really is the operating free cash flow itself will continue to grow. And this kind of changes the net working capital. They are always calculated starting with the calendar year. So in the first half, basically EUR 44 million is there and that, itself, would not be growing that much anymore, towards the second half.

Thank you, operator. Thank you, everybody, for your participation and good questions. Thank you, Jukka and Timo. This concludes our conference call today. Next result publication is for DNA's January-September report on the 22nd of October. Thank you, once again, and have a good day.